The price of Ethereum , the second-largest cryptocurrency by market cap, has spiked over 10% in the last 24 hours to secure a new all-time high—just two days after eclipsing its previous record.
The new all-time high for ETH is $4,416.05, according to data from CoinGecko .
On Tuesday, October 26, the asset coasted to nearly $4,300 before declining all the way back to below $4,000. But yesterday, the network underwent its third upgrade in seven months, bringing Ethereum 2.0—a faster, more secure network—once step closer to fruition.
The price of the asset has also benefitted from an August network upgrade—the London hard fork—which instituted a deflationary mechanism. Instead of paying fees to miners, who currently process transactions on the network, users now pay a base fee to the network—which promptly destroys it. Since reducing the rate of supply growth on the network, ETH has ascended from the mid-$2,000s to its current highs.
Editor’s note: This article is being updated as the news develops.